Why 156,000 Citations Can Be Worth Less Than 18,700 in Biopharma
A new working paper suggests that markets often reward narrative clarity more than scientific spillovers. By Po-Sung(Sinclair) Huang We like to think capital markets reward great science. In biopharma, that is only partly true. In a new working paper, I compare market capitalisation with forward citations — a proxy for how much others are actually using a firm’s research. What emerges is not a smooth relationship, but a striking pricing gap. ...